Thursday, December 20, 2007

Mortgage Debt Tax Relief Foreclosure Renegotiation Homeowner Sellers

Associated Press

Bush Signs Mortgage Legislation
6 hours ago

WASHINGTON (AP) — President Bush on Thursday signed a measure to provide financial relief for financially strapped homeowners facing foreclosure or in bankruptcy.

The bill gives a tax break to homeowners who have mortgage debt forgiven as part of a foreclosure or renegotiation of a loan. No taxes would be owed on the value of any debt forgiven or written off. Currently such debt forgiveness is taxable more

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